dividend. these companies want investors. i hope you're listening. there's always a bull market somewhere. i try to find it just for you. see you tomorrow. welcome to the show. headlines from around the globe this morning, here in the united states, the battle lines over the nation's budget are being drawn again today as republican lawmakers get set to unveil a new plan to cut the deficit. >> metro shares in the green despite falling well short of expectations. >> and this asia, stocks head south on china growth concerns after bhp billiton sees flatter chinese demand for iron ore. >> you're watching "worldwide

exchange." great to have you with us this morning. let's take a look at the u.s. futures and see how we're setting up for trade on wall street. dow would be lower by 23, nasdaq by about 5 1/2 and the s&p 500 lower by 3. this after stocks finished modestly higher on monday. of course apple's plan to return cash to shareholders and its stock buy back as well as positive m&a news gave us positive sentiment. we saw the tech it and financial sectors leading the way forward. the only sector in the red yesterday, utilities. >> yeah, but despite that relatively positive andover, take a look at how the asian session faired. quite a lot of red except for the indian market. turnover wasn't all that great. japan out of session for a public holiday and also once again china slowdown concerns front and center. a couple of factors. number one, there are comments from the chinese elite that policy still needs to remain

tight even if growth levels slowed down. we also had money being drained from the money markets and bhp comments, they said maybe levels could go somewhere in the single digits. if not, they probably already were. we had contrasting comments from rio tinto, as well, but that was really the bhp was what was really dominating the markets. not only equities, but also currency, as well. >> and we also saw markets raiding lower yesterday by a few points and again take. second day of declines for the european equity markets. foot city down by 0.4%. we also see declines on the dax of just over 0.4%. while the ftse may have added, italy and switzerland respectively also dropping by a fraction today. joining us as our guest host, john silvia from we allls fargo.

happy to have you here in london. and we are seeing a bit of a shift out of bonds and into equities. in the past couple of day, we've just mentioned in the markets a drop in the asian markets, a bit of a drop for a couple sessions in the european market, too. what do you think is going on generally, are we looking at a fundamental shift in assets back in to equities? is it a pause for breath? >> i think over the last lee or four weeks that the market has said we've got growth especially in the united states a little stronger than expected. but there's some constant evaluation when bcht hp talks about iron ore, that's a fundamental element in terms of economic growth and development. so i think the market is still trying to figure out we have growth, we're certain of that, now we need to federal government out what is the space of that growth going forward particularly given the strong expectations of growth in asia, now they're moderating a little bit. in the u.s., there was weak

expectations for growth. it picked up a little bit. so we're still searching. >> what's the right level? do you think markets will decide we do have a little further to go on the equities side or are we right? >> absolutely. i think the market has said we've got still a lot of global easing on the monetary side. i think the u.s. growth rate is probably 2.5%, maybe a little bit less. asian growth is moderated, but still growth very much. i think equities still have a ways to go. >> this is jackie deangelis in the states. a quick question for you. a lot of analysts are telling me before we go high erk we're going to see a little bit of a correction. is that your view, could we see that before we continue to move forward? >> yes, we could, but i think when you look at the history of the u.s. economy and the global economy, generally when the expansions and growth starts kicking in, it's usually a three to five year period and i think you've got a ways to go in terms of the equity markets in general.

there's a lot of emphasis on technology, the american consumer getting more jobs, getting who are income. i think you have a way to go. sure in the short run there may be a correction, but for a long term investor, i think it's very positive. >> and of course a lot of people are sitting on the sidelines, will still is a lot of cash burning a hole in people's pockets at this moment, as well. so we're seeing money come out of the bond market into the equity market. but where else could we see some of the funds trickle? >> we talked a lot yesterday in our meetings here in london with respect to high grade corporate bonds. i think there's a lot of opportunities there. and i think there's a huge developing market in terms of corporate debt this asia. and maybe chloe would hike like comment on that. but investors are saying it doesn't have to be sovereign debt, could be corporate bond debt which offers a little higher yield and with the right credit evaluation offers a great

opportunity. >> we'll pick up on that, but we also need to talk about this recent action by global policymakers means there is still good money to be made in emerging markets and that's certainly the view from veteran investor mark mobius. he tells cnbc why he still expects more qe there are the fed. >> i believe there will be more. they made it very clear, bernanke has made it clear that until they see a sustained growth, they will continue to provide liquidity to the market and whether you call it qe-2, 3, 4 or 5, that money supply will continue to increase. >> you think it will know that far, qe-3, 4, 5? >> it could if the economy does not get better. they may not call that. but in reality that's what it

will be. it will look like more money supply coming in and reduced rates of interest, particularly he long end. >> what is your sendiingle favo emerging market? >> we go by companies, not countries. but if you look at what we're buying and we're looking at more intensively, i would say in the regular emerging markets, not frontier markets, it would be russia. >> why? >> because the valuations are cheaper. growth outlook is good. >> recent elections stabilize things? >> recent election. commodity prices continue to be maintained. >> the big question everyone's asking these days is what kind of a landing is china going to have. what's your view on that? >> a lot of you ask whether a soft or hard landing and i tell them china's not landing. they're going to continue to

fly. simply because there's so much more to be done. a lot of people are talking about housing bubble. there is no housing bubble if you consider the number of people who need housing in china at the right price. so the task now and the challenge is to get those prices down to a level that people can afford. of course what's happening is that wages are going up over 10% a year and the affordability is getting better. >> mark mobius there, john. and he's obviously one of the many who are still quite bullish on china, but the reality on the ground seems to be that growth levels are certainly coming down whereas tightens remains and there's a lot of restructuring even with the political transition. so i'm just wondering how account markets continue to push

higher? because that's the big concern, why we saw the sizable slide in greater ghi today. >> i think the slow down is still with a very positive trend. so, yes, we're talking about a slow down, but again, the trend is still very positive. next week i'm going to moscow to wells fargo's office there and clients, as well. i did like still indonesia, singapore, hong kong, china. on the long run view that their average economic growth over the next ten years are will still exceed that of europe and the u.s. and so my view is you've got to be there, you've got to be investing there. >> how about the u.s. dollar impact investor confidence is this because whatever rally that we've seen in asian equity market, whenever the dollar gets stronger, that could certainly impact equity markets the other

way. >> over the longer run, we still see stronger currencies in asia because much the better than average economic growth and prospects going forward. so overtime given the current account deficits and expect takess of strong every growth in asia, we still like the asian currencies relative to the u.s. dollar. >> all right, john will stay with us of course. he's the chief economist at wells fargo, our guest host for the next hour. still to come on the show, ben bernanke is back on campus. he kicks off a series of lectures at george washington university. more on that coming up next.

metro has warned investors it doesn't expect earnings growth this year. patricia has the details. >> and the details make the difference. that's for sure. because right he beginning of trade, the market was really disappointed that the numbers were below par. however, then they looked into what the company actually had to say and why the newspapers were below par and then the stocks trading up about 2% right now,

it was up as much as 3% earlier on in the trading session. yes, below par numbers for the year 2011, however, due to currency effects and due to restructuring costs. so that's one part of the story. the other part of the story is you could have been disappointed with a fairly conservative outlook for 2012. why is it conservative some is it because they're now switching from cost cutting more into investing? they want to invest in in eastern europe and asia and of course this is where the money goes and this is exactly what in the long term should really help the strategy going forward with metro because they want to focus more and more on the cash and carry and that is actually long term vision, not just a short term trading vision, quite a positive sign. looking at the shares, they've been up about 10% over the last three months. down about 35% the last year. and if you look at the analyst comments and price targets, they're it you willy quite a bit

higher from the current trading level of about 31 euros. the other big story is deutsche suing the eu because they said no to the planned merger. i don't think they want to get anywhere apart from getting a redefinition of what is a derivatives market that the european commission needs to see as far as deutsche is concerned it's not a european market and not a market only traded on exchanges. but there's a huge market which is an otc market over the counter market which if you combine euro next as well as deutsche and as well as euro stock exchange, globally speaking, they would actually only have about 4% of that combined market if you have the otc market being redefined in to what is a derivatives market. >> patricia, thank you very much for that. jackie, let's send it back to

you. >> here in the united states, house republicans will unveil hair 2013 budget plan at 10:00 a.m. eastern time. house budget committee chairman paul ryan will preview the plan on "squawk box" at 7:45 a.m. it would end the alternative minimum tax and also gets rid of most taxes companies overseas profits and drops the corporate tax rate to 25%. the plan is also expected to include budget cuts for medicare and government agencies. house republicans are hoping for a floor vote next week, but the plan is likely dead on arrival in the democrat controlled senate. goldman sachs has reported they've begun another round of staffing cuts. the latest move is part of the bank's annual review process and follows the 2400 cuts announced last year. reports say that the cuts which began two weeks ago are across the board and aimed at traders who can be replaced with new technology or back office staff who can be swapped for cheaper

employees. and ben bernanke is back on campus. he's giving the first of four lectures on the central bank's role in the economy at george washington university today at 12:45 p.m. eastern. bernanke was an economics professor at stanford and principal t princeton decades ago. you don't have to be this class to hear him speak. the lectures will be streamed online. >> and china's premiere says turning the yuan into a global currency is inevitable, but its convert ability must happen through gradual steps. >> translator: when the proper time comes, even if you wanted to stand in the way, you would not be able to. but until that time, russian

change is not going to be effective. >> trade organizations agree with beijinbeijing's cautious approach. >> i share the caution. i'm not sure it's now to the point of opening in one day or in one night its foreign account. >> and china's market players say the country's recent focus on yuan policy could signal the readiness to change the trading ban against the u.s. dollar soon. take a look at today's trade. 6.3239. not much of a big change in the past couple of days. remember, china wants basic convert ability by 2015 and that

remains the position at least until now. and still to come, china's slow growth could lead to troubles down the road for the global metal and mining space. but the world's biggest miners say they are undeterred. we'll find out more and why next.

welcome back to "worldwide exchange." the australia, dollar fell after b hchlt pch bhp warned of flatter iron ore. and foreign markets sensitive to any hints. but the world's biggest miner says that china's pull back is not stopping it from forging ahead with its ambitious $10 billion production plans. rifle rio tinto says it's also stepping up production while keeping an eye on chinese demand. let's talk more on what the picture may look like. we have patrick hills joining us. bhp saying china is seeing

softening demand. if nand but rio tinto seems to be taking on a more resilient view. put some con test into where you think it's heading. >> i think that the market for iron ore remains incredibly positive. i think the comments today made by ian ashby maybe were taken out of context. because his view was that the market will remain very strong to 2025 and i think they're going to continue to invest. i think they continue to look at their capital programs as does rio tinto and do all of the miners. but i think the supply demand fundamentals would suggest that investing in iron ore right now is exactly where you want to be investing. we're very positive on where iron ore is going. >> despite the optimism that we actually hear from many industry professionals like you, if you

take a look at the stock price of rio and bhp, they're down about 10% and there a view among some of the naysayers that there could be overcapacity and that could take iron ore prices down well over 50% from where at the are now. so is that a possibility or is that just something too remote? >> there are naysayers would have that view when prices get high as they are at the moment, but our view is quite the opposite. our view is the rice is going to $170 in the next lee to six months and if you put that in context, the company view is from around an average of $141 for the price of iron ore at the moment or for the last couple of months, we see it going to $170. so we have the opposite view. >> and i see you're positive on coca-cola and coppeke, coal and

copper. >> i think coke and coal for the same reasons that we're positive on irn 00 orr. and coke and coal even more so from the supply perspective because there are very few coke and coal 2k30ss in the world of high quality and i think those coke and coal operations will do very well. and the companies that own them will do very well. there's very pew placfew places high quality coke and coal. copper likewise, very few large scale high quality copper mines come on stream in the last ten years. mongolia will come on stream in the next 12 to 24 months. but that's one of the few in that time. and i think that is well for the copper price from the supply per spec perspective.

7.5% growth is being predicted and i think that continuing demand and the lack of new supply coming into the market will mean prices go higher. and copper, coke, coal, and iron ore are the top picks. >> thanks for sharing that with us, patrick. john silva still with us. we'll take a quick break and we have to get to it because we're expecting the uk inflation figures. we'll get you those numbers live.

headlines from around the globe, here in the united states, the battle lines over the nation's budget are being drawn again today as republican lawmakers get set to unveil a new plan to cut the deficit. >> cost of live management uk is seen slowing further. figures you today out imminently. >> and here in asia, stocks head south on china growth concerns after bhp billiton sees flatter chinese command for iron ore. >> so let's take a quick check of what's going on on the

european markets. we're looking at a negative day of trade on the markets at least. ftse down by 0.8%. the dax is down by 0.9%. so let's get straight to the uk figures. february cpi is a reading p 3.4% on the year. as we get to just a little breaking news as it hits the wires, cpi annual rate, lowest since november of 2010. february cpi forecast up by 0.5% on the month and up by 0.8% on the year. so pretty much in line with

expectations. biggest downward pressure coming from housing, recreation and transports. let's get straight out to our next guest from pimco. what do you make of these cpi figures tahat we've just seen? >> so once again we've come a little above expectations which is a fairly experience for the uk p aga uk. i expect it will be hard for the forecast of 3.35 report to come in. stickier than expected remains the case and these mums would be another example of that. >> the bank of england seems to be holding pat that we are going to see these numbers coming down very quickly as we get further into the year. is that not how it's going to lay out? >> we think they will come down sharply, the question is which side of the target do they

settle down. we think it will be tough for to get below 2 because you've got -- the service sector is very sticky. unless we get good inflation back again, it will be tough to see that happen. >> this is john silvia from wells fargo. sounds var to tsimilar to the pn the u.s. where the central bank expects inflation to be coming down, but i would agree probably stickier than general and as a result, it still provides to me an incentive from the u.s. investor point of view to the more on the equity side than the fixed income side. >> yields are low. roughly 2.3 on the ten year, 2.# on gilts. and those are through in-thags abo inflation. so we wouldn't disagree with you that pond yields look lbond yie. there are still uncertainties out there and central banks will keep rates on hold for the next

two to three years. so the 2%, 2.5% rates don't look great in the context of inflation. at the look okay relative to short rates. equities and risk assets in general as you know had a very good run. so i'd be a little bit cautious on chasing risk assets at this point. >> also some chatter out there of course about a potential downgrade for the uk. would this be a big issue? >> i don't think would to be honest. i think the big news was the u.s. down grade last year. as an investor in the uk and global investor, the things you worry about are the credibility of the policy framework, the resiliency of the currency and the ability of the country to repay its debts. the uk and u.s. have their own currency and the uk has a slightly clear he gain. so i really don't think if the uk got downgraded that would be a big deal for the market. big deal politically, but not for the market.

>> does the government have much wiggle room, will they divert at all from sicking to the plan a to cut the deficit? >> plan a remains intact. and that's why the bank of england is giving the inflation numbers a benefit of the doubt. it's cut the deficit, another 1% to 1 about.5% of the deficit each year for the next three or four years. so pretty tough times. i think a lot of what we'll see tomorrow is more political than influential for the bond market. >> mike, thanks for that. jackie. let's take a look at the futures here and see how we're setting up for trade on wall street. looking like the dow would be lower by 60, nasdaq by 12 and s&p 500 a little more than 7. this after seeing modest gains

yesterday. nasdaq and s&p hitting a new 52 week high, so that definitely is important to note. in terms of the dow, we saw a little bit of a boost this, but off the session highs when we did close, american express, exxon mobil dow components leading us higher. the s&p closed at 1410 on monday, up about 30% since the lows on october 4th, but our next guest says if history is any guide, we should beware of the levels. and joining us more is president of global trends investments and editor of the etft trends.com. and still with us of course is john silvia, as well. so let's talk with you, what is it that's concerning you right now? >> well, it's really not concerning. the big thing is we've had such a move since those october lows as you mentioned.

it seems investor confidence has really come on strong. however corrections do happen. and what we always look at in trends is that 200 day average. so far it's been nicely above the 200 day average will year, and as long as we remain above that average, we should be in great shape. but historically 1400 as you look at the past decade is really kind of a tipping point for the s&p p. >> so what's the catalyst for a correction? >> that's key and critical. better than expected earning, we have better consumer confidence, that's all great. but the wild card are inflation, oil problems, potentially in iran as far as shipping and also what's going on in europe regarding the greek ket cdebt c. so here in the states, we're watching closely a lot of money,

trillion dollars shifted out of equities into bonds in the last couple years. and as long as that remains confident on the fixed income side, great. but the big concern in the u.s. is investors are under invested. so we may see while there's low volatility you willy a fear about being out of the market. we could potentially see a market melt up as we head into the summer. >> tom, there was an article in the financial times this morning about fiscal policy. towards the second half of this year, where do you think the equity investor will assess the fiscal plans coming through and the beginning of 2013 could see a significant he restrictive fiscal policy put in place?

>> i think that's right, but when we bring it down to the lowest ghon denominator as far as the average investor, they're asking themselves are they feeling better about their current situation. and most are today. they're feeling more secure about their jobs, they're feeling more secure about income. and as we get about in to the elections in the fall, that's what many will be asking themselves. so again, the fear trade to some glee is off as people have shifted out of equities and back in to fixed income. when we see yields start to rise, a 10% decline. 20 year treasury, most people don't understand what that's going to do to their fixed income portfolios. so there's a strong case as we go into 2013 for higher equity prices for sure. >> tom, but what was also prominent in yesterday's session in the united states was that

bond yields, treasury yields back up and the dollar decline, as well, but equity markets moved up. is this a new trend? >> i go thing is inflation. people are more comfortable about the markets, but we're starting to see higher prices at the pump, higher prices at the supermarkets. and that's the big concern as we go into the summer. here in the u.s., a lot of folks in the last couple years have cut back, there has been less travel in the summertime, they haven't taken vacations. they've been spending less. the big i think litmusest will be as we get into the summer, are people more confident, are they starting to spend more. and is inflation starting to keep in its ugly head. that's what many investors are looking at as we get into the summer. >> all very good questions, tom. thank you so much for your

insight. of course tom will stay with us to provide more of his opinions as well as john silvia. meantime, still to come on the show, has crude oil prices whoever around $108 a barrel, we talk to an expert who says the spike is larger than the one we saw in the 70s, but it does not have the punch to stop the economy.

we have the results of the spanish government debt spain has sold about 5 billion of treasury bills, which is pretty much in the middle of the range. they were 12 month and 18 month bills. crucial to know we've seen the yields declining from the previous auctions, as well. the 12 month bill came in at an average yield of 1.418%. previous auction we were looking at a level of 1.899%. so a drop for the 12 honesty bill. the 18 month bill similarly we've seen the yields declining there, 00. 1.711% on the 18 month. spain of course has been a cause for concern. also a big eurozone country. so any relief that we see in the government debt markets there would be well received by the

rest of the eurozone. geopolitical tensions will not have a lasting impact on energy prices according to the ceo of shell speaking at the china development forum in beijing. he also stressed that the industry needs new investments to meet growing crude oil demand. >> these volatilities are short, medium term. i think in the longer term, we will get back to normal market pricing which is really a supply demand function and there i think longer term we will see demand rising and, therefore, we need all the investments. in the very long term, we see energy prices going up, high demand, and it's getting more expensive to produce. and it just costs nor get them

out of the ground. >> joining us how to talk more is chief economist at fao economics. robert, great to have you on the program. let's talk generally about prices first and a little bit about the direction and momentum we're seeing. in the sound that we just heard there, the ceo of shell expecting prices to continue to rise. is that your take? >> yes, we have a big change in the world economy. china is a really big place. so this really makes the oil game a lot different than the last time we had an oil price spike where the prices went up and they became so high that people eventually began to react to it and they began to conserve and demand was lower and prices went down. now we have new consumers coming on line and they keep prices from falling. so they

under i pinned by the new sourtss. >> let's also talk about some of the geopolitical risks in the marketplace right how. tensions in the middle east a big issue and certainly haven't taken off the table just yet. could we see tensions escalate to the point where the u.s. consumer sees gas at, say, $5 a gallon? >> i don't think you can take any price off the table. are there's a real problem there. it's a very important lays for if anything were to happen to constrain the straights of who a are, you could see any level. >> and an interesting aspect of the american consumer today is the argument that i see from

time to time that yes, gas prices are up, but natural gas prices, heating prices are actually down. so how does the american consumer balance these two very different trends? >> as long as you have two completely different furnaces in your home, you can switch. i don't know anybody in that circumstance. over long periods of time of course people can switch from the expensive to the cheap one and that's what is there for the longer run. but in the short run, people are stuck with the mode of heating that they have and if oil prices go up, they'll have to take care of that and if they decide to switch over to gas in the future, apparently they'll be able on do that. so i don't think it's a short run issue, but there are more people who are using broader energy sources than they were in the first oil shock and this has helped to keep the damage

contained. but in the short run, you're stuck with the fuel source you're using about. >> i'm wondering what the impact of slowing demand from countries like china and india will be. they're weaning off the public and raising fuel prices to the highest ever. >> well, i think even in countries that have traditionally subsidized energy, you're going to see that become more of a problem and of course what it means is for people in these countries, the relative price of energy would be higher. it means that they'll be thinking twice about good x. banding in to fuel use. but we're having a growing standard of living. so when we look at the impact on the global oil market, it's going to be more demand. >> fantastic, robert. and we have seen a correlation in the past between fuel prices and approval ratings for presidential candidates. it's tough for barack obama to be able to overcome this, yes? >> i think that the gas prices are right now his nemesis, but

economic growth has been his tail wind. so he's got a couple of forces in play. >> thank you so much, robert, for joining us. john of course will stay with us for the continuation of the program. facebook will reportedly pay its ipo underwriters a 1.1% fee. that's well below the typical 6% to 7%. reports say the 31 banks are willing to bite the bullet just to be associated with what's likely silicon valley's largest ever oofring. they're also lured by the plom of being facebook's future bankers. also of course watching apple. the company says it's already sold 3 million of the new ipads since they went on sale on friday. the new ipad is available in the u.s. and nine other countries. and hits stores in 24 more countries this friday. apple closed at $601.10 the first time it's ever settled before $600 after it announced monday it would pay a quarterly

dividend and buy back $10 billion in stock. and did tis any's mega budget sci-fi flick john carter is turning into a flop. the company says the movie will lose about $200 million in the second quarter and took an estimated $250 million to make. john carter based on a book is about a former war soldier transported to mars. it's only raked in about $184 million worldwide. disney says its studio division will also report a second quarter loss. let's take a look at share trading up about 0.8%. coming up, a lot more to come. tiffany set to post earnings. will christmas sales help the jeweler's profits to sparkle? we'll look ahead to the trading day on wall street next. choose control.

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it's just another way you'll be traveling at the speed of hertz. february housing starts are out at 8:30 a.m. eastern time. they're forecast to rise 1.3% to an annual rate of 708,000. jeffries reports results before the opening bell as does tiffanys. look ahead to the day on wall street, joining us is president of global trends investments and editor of etft trends.com. tom, when you look to the housing numbers, obviously the houses market is a huge part of the recovery at least here in the united states. what are your expectations? >> we've seen 4 1/2 year highs in housing production which is great. when we're looking here at the u.s., it's inflation, it's

housing, it's the markets. and that's affecting consumer confidence in a positive way. so the numbers will be interesting, but still we have a major glut sparse houas far as the u.s. and foreclosure is something the americans are very sensitive about. >> and we talked about will this briefly before. some of the headwinds that president obama will face in this election obviously include higher gas prices, the housing market and also still the unemployment rate unless we see a substantial decrease. how do you feel those issues will impact him? >> the unemployment numbers seem much improved in the last couple months. very positive. fr also regionally we've seen improvements in the housing situation. we're here in southern california. we aren't hit as hard as some

areas of the country and weep seen a lot of traction. areas like arizona, las vegas, florida, especially michigan areas, still it may take a while or even years before they get out of the slump. so in some instance from a housing standpoint here in the u.s., it may be more of a regional issue. >> and a quick final thought, john, about the housing market. it's crucial that there a final line to have a convincing recovery in the u.s., right? >> yeah, we're looking for something like 700,000 this morning. and i think the regional disparities that tom was talk about is absolutely key to understanding the housing market in the united states. >> tom, let's talk globally here. how do we manage what we're seeing in terms of the markets and the daily rises that we've been seeing, some of the volatility there? how would you invest in this?

>> the average investor here in the u.s. and most investors participate via their 401(k)s are underallocated globally. and when you look at some of the gdp growth, there's great opportunity. so with 60% of global market cap being outside the u.s., it's really important to be diversified. and when we have that gdp headwind and also great market strength especially off the october lows, it's important to participate in those. >> we're running out of time, so we have to leave it there. thank you so much for joining us. that wraps it up for "worldwide exchange." we hope you have a profitable trading day ap"squawk box" is up next. [ male announcer ] any technology not moving forward

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today's on that stories, a warning from across the pond. u.s. treasury secretary tim geithner telling europe to resist draconian measures. and raising the roof on housing. new cat take this morning on the state of real estate. and the social offering. why facebook is paying its underwriters such a small fee, it's the first day of spring, march 20th, 2012. and "squawk box" begins rate now. good morning. welcome to "squawk box." kelly evans is